EUROPE - German pension fund Bayerische Versorgungskammer (BVK) has sold a Paris office building that it has owned for 10 years.
The property, 3 bis boulevard de Charonne, was the first asset Invesco Real Estate purchased on behalf of BVK in October 2000, when the investment manager was appointed to manage BVK's pan-European real estate fund.
The asset has now been sold from the €700m iii-BVK Europa-Immobilien Spezialfonds portfolio for approximately €14m to Accimmo Pierre, a French SCPI (Société Civile de Placement Immobilier) managed by BNP Paribas Real Estate Investment Management.
The disposal of the asset follows the sale of two office blocks by Invesco on behalf of the BVK fund in May.
Invesco said it regularly reviewed the individual assets in the €700m strong European fund with a view to generating maximum profits for the pension fund.
Bettina Knirsch, fund manager at Invesco Real Estate, said: "In actively managing the client's long-term portfolio, our aim is to reinvest the capital including additional funds from the client to further diversify and grow the portfolio within the European market.
"We are delighted with the outcome of this transaction, which has been a successful investment for the fund in delivering decent returns and outperforming the expected performance over its 10-year hold period.
"However, now is the right time for the fund to divest this asset."
Charonne is situated in the east of Paris and is close to public transport links, near the Place de la Nation and the Paris inner ring road.
The building is 100% let on a long-term lease to American Express Voyage.